Monday, June 24, 2024

Reinette van der Merwe set to leave Barclays Botswana?

Sources within the banking sector have revealed that the days of the Barclays Bank Botswana Managing Director Reinette van der Merwe in Botswana are numbered.

The contract of the South African national with Barclays Bank Botswana is said to be coming to an end in about three months time (September 2018). Der Merwe was brought in from Johannesburg South Africa to come and stabilize the situation at the local subsidiary after a series of a below par financial performance.

This week, speculation was rife that der Merwe’s contract has not been extended. Bankers who are close to the matter say the non-renewal of the contract was influenced by der Merwe’s superiors in South Africa where the bank is head quartered.

The imminent departure of der Merwe comes at a time when the central bank has been pushing commercial banks to consider localizing their top posts. Barclays Bank Botswana was once led by local Aupa Monyatsi on acting basis before the arrival of der Merwe.

Meanwhile the Board of Directors chairperson Oduetse Motshidisi this week remained cagey regarding the imminent departure of de Merwe.

Motshidisi said he cannot confirm nor deny the departure of the bank’s managing director adding that an announcement will be made at the appropriate time.

“The board has full confidence in the bank’s entire senior management team, which continues to provide the required leadership in implementing the bank’s strategy of delivering to customers and creating value for stakeholders,” said Motshidisi.

The bank’s top competitor, First National Bank Botswana (FNBB) which also originates from South Africa is headed by a local – Steven Bogatsu while Mpho Masupe leads London heads quartered Stanchart.

Another competitor, Stanbic Bank Botswana does not have substantive CEO while BancABC Botswana is led by Kgotso Bannalotlhe.


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